Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Retailing in Singapore

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Executive Summary

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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

Changing consumer habits have affected retail industry significantly

Modern Singaporean consumers, with their eager adoption and use of technology, have developed new consumer habits which are proving detrimental to retailers. One of the most significant of these new habits is “showrooming”, whereby customers visit retail stores to try out products, before making price comparisons online to find the cheapest prices.

Omnichannel retailing to become an increasingly important strategy for all retailers

Singaporean consumers are difficult to please. While being price-sensitive and tech-savvy, customers also demand exceptional customer service from brands, hence the importance of developing an omnichannel retailing experience for customers.

Flagship stores offer silver lining for offline retailers

Major retail brands have been looking into opening flagship stores in order to turn around their retail fortunes. As Singaporean consumers increasingly demand unique shopping experiences, brands have realised that flagship stores are a good way to capture consumer interest and encourage these consumers to visit and hopefully spend at stores.

Cross-border purchases make up a significant portion of internet retailing sales

Singaporeans are avid online shoppers, and cross-border purchases constitute a large proportion of these online sales. A PayPal study revealed that Singaporeans are the most confident cross-border buyers in Asia Pacific, and it is not difficult to see why; among online shoppers, price is and still remains the biggest factor driving their choice of platform and purchase medium.

Mobile internet retailing to become the next wave of internet revolution

Improvements in mobile technology and payment security have made Singaporeans more confident about making mobile purchases. This will not only impact traditional retailers, but also internet retailers who were considered “first-movers” in the field; it is now increasingly crucial not only to have a mobile-friendly website, but more importantly to facilitate transactions via a brand’s mobile application as well.

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